On December 13, 2016, President Obama signed the 21st Century Cures Act into law. This was a momentous occasion for people with disabilities and their families, as it corrected a legislative error made decades ago.
The 21st Century Cures Act amended section 712 of the Omnibus Budget Reconciliation Act of 1993, which codified the right of people with disabilities to have a trust to supplement the means-tested public benefits for which they were otherwise eligible. This was a huge victory for the disability community!
Read on to learn more about the details of this act and how it helps individuals with special needs.
The 21st Century Cures Act
The 21st Century Cures Act has made it possible for people with disabilities to establish their own special needs trusts, which will allow them to maintain their eligibility for vital government benefits like Medicaid and Supplemental Security Income (SSI). This is a huge step forward in ensuring that people with disabilities can live full and independent lives.
Before this rule was amended, people with disabilities were often forced to rely on family members or friends to establish trusts on their behalf. This was a burden for both the individual and the person setting up the trust. Now, people with disabilities can take control of their own finances and plan for their future without having to worry about losing their benefits.
We’re Here to Help With Your Family’s Financial Goals
If you or someone you know has a disability and could benefit from a special needs trust, please contact an experienced member of our team of financial professionals who can help you navigate the process of setting one up. The future is bright for people with disabilities, and the 21st Century Cures Act is a big part of that!
Call Legacy Enhancement Trust today at (888) 988-5503 or fill out the online contact form to learn how we may assist you!